Insurance Claims for the California Wildfires exceed $3.3 billion

Wildfire

Claims that have been made to insurance companies after the deadly October wildfire in California have now exceeded $3.3 billion. This is according to Dave Jones, who is a California Insurance Commissioner. The amount shows the total claims for businesses and home that have been insured by 15 companies. The initial estimate was $1 billion, but it seems to have tripled. Jones believes that the figure is likely to rise as more people prepare to file claims. The recent disaster had significant damage compared to the 1991 Oakland Hills fire that destroyed property worth $2.7 billion. The estimate was made in 2015 by the Property Casualty Insurers Association of America.

The October fire led to the death of 43 people. It affected most parts of Northern California including Sonoma and Napa counties, which are regions that are recognized for making wine. Thousands of commercial and residential homes were destroyed, and over 100,000 people had to seek alternative shelter. It was the biggest fire that has ever been experienced in the history of California. Several buildings were also damaged in Orange County. Dave Jones sympathized with the Californians who had lost the homes, cars, and even family members. He is a Democrat and is vying for the attorney general office.

According to the Jones, California insurance companies have received 10,000 claims for homes that have been damaged partially, over 4,700 destroyed entirely, and 700 lost business properties. The insurance claims’ records also indicate that several vehicles were destroyed or damaged, and they include 3,200 personal cars, 91 commercial, 111 watercrafts, and 153 farm machines. The records do not indicate the uninsured losses such underinsured and uninsured assets and public property.

The California wildfire is almost being contained, and the total losses of the insured and uninsured properties will be estimated soon. A post-fire cleanup will also be conducted, and it will start with a toxic sweep. The U.S Environmental Protection Agency will work with various state officers to survey homes, buildings, and schools before that wreckages are removed. Special teams will be sent to the locations to remove all the hazardous debris and also test all sites to determine if they have toxic substances. The experts must complete the cleanup task before the government allows the U.S. Army Corps of Engineers and residents to started redeveloping the area.

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